02:50 PM EDT, 09/12/2024 (MT Newswires) -- General Motors ( GM ) is in talks to purchase electric vehicle batteries using technology from China's Contemporary Amperex Technology, Bloomberg reported Thursday, citing sources.

The plant will be located in the southern US and will be funded and operated by Japan-headquartered TDK, according to the report. Under the potential agreement, TDK would license Contemporary Amperex lithium iron phosphate cell technology.

The discussions are still in progress, and the outcome is dependent on the political landscape in November, the sources told Bloomberg. General Motors ( GM ) does not intend to take an equity stake in the venture.

General Motors ( GM ) did not immediately respond to MT Newswires' request for comment. Its shares were up 3.7% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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